Brent crude oil is trading at 62.06 dollars per barrel. Brent oil is trading below the Ichimoku Kinko Hyo Cloud, which indicates a bearish trend in Oil. Ichimoku Kinko Hyo Cloud is expected to test near the level of 62.20, from which it is expected to attempt a rebound and continue the downward trend with a target to falling near the level of 59.35 dollars per barrel. An additional signal in favor of falling oil prices will be the test of the upper boundary of the bearish channel.
Analysis & forecast Brent Oil on November 22, 2017
Earlier, a weak signal was received for the sell of Brent Oil, due to the crossing of the signal lines at the level of 63.70. The cancellation of the drop in oil quotations will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the area of 63.40, indicating a change in the bearish trend in favor of the bullish trend. Expect to accelerate the fall in oil quotes Brent is with a breakdown of the level of 61.00.
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